Turnover at West Yorkshire firm tops £600m
The construction arm of West Yorkshire contractor and developer Caddick Group saw income jump by nearly half last year with the firm expecting to break the £500m barrier by the time it files its next set of accounts.
The division, which also includes a civil engineering business which tends to work mainly for housebuilders, saw income go up by 53% to £333m in the year to August 2024 although pre-tax profit slipped 3% to £6.4m.
In accounts filed at Companies House, it said that construction was forecast to have a turnover of £500m this year with £347m of that already secured.
Caddick said that the first full year of trading at its facades business, CCL Facades, saw it post a turnover of £9.5m and a pre-tax profit of £600,000.
Construction is the biggest part of Caddick’s business after income at its property development arm fell a quarter to £258m. Pre-tax profit at the division, which works in the residential and industrial sectors, continued to slide, falling 21% to £26m.
In the year to August 2022, the figure was £64m and in his chairman’s statement accompanying the latest accounts, founder Paul Caddick referenced “a slower real estate funding market” in the wake of “continued challenges in the wider domestic and global economy”.
Caddick Group also owns a majority stake in the company that owns Leeds Rhinos rugby league club with pre-tax losses at its professional sporting activities arm, which includes a netball team, falling £200,000 to £1.7m.
The firm said the fall was down to Leeds Rhino reducing pre-tax losses to £1.8m while revenue from the club’s commercial activities hit a record £5.2m.
Overall group turnover at Caddick was up 5% to £604m but pre-tax profit slipped 17% to £29m. Cash reserves were up £10m to £60m.
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